Marginal note:Arrangements to effect compliance
405 (1) The directors of a bank may make such arrangements as they deem necessary to carry out the intent of this Part and, in particular, but without limiting the generality of the foregoing, may
(a) require any person in whose name a share of the bank is held to submit a declaration setting out
(i) the beneficial ownership of the share, and
(ii) such other information as the directors deem relevant for the purposes of this Part;
(b) require any person who wishes to have a transfer of a share registered in the name of, or to have a share issued to, that person to submit a declaration referred to in paragraph (a) as though the person were the holder of that share; and
(c) determine the circumstances in which a declaration referred to in paragraph (a) is to be required, the form of the declaration and the times at which it is to be submitted.
Marginal note:Order of Superintendent
(2) The Superintendent may, by order, direct a bank to obtain from any person in whose name a share of the bank is held a declaration setting out the name of every entity controlled by that person and containing information concerning
(a) the ownership or beneficial ownership of the share; and
(b) such other related matters as are specified by the Superintendent.
Marginal note:Compliance required
(3) As soon as possible after receipt by a bank of a direction under subsection (2),
(a) the bank shall comply with the direction; and
(b) every person who is requested by the bank to provide a declaration containing information referred to in subsection (1) or (2) shall comply with the request.
Marginal note:Outstanding declaration: effect
(4) Where, pursuant to this section, a declaration is required to be submitted by a shareholder or other person in respect of the issue or transfer of any share, a bank may refuse to issue the share or register the transfer unless the required declaration is submitted.
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